WatersTechnology: How a consolidated tape could address bond liquidity fragmentation

Writing for WatersTechnology, Ediphy chief executive Chris Murphy argues that the principal purpose of a fixed income consolidated tape is the aggregation of market data and broad access to it. The piece sets out why bonds present a harder problem than equities, spanning a far more diverse universe of instruments, and reviews the regulatory workstreams that determine whether a tape is useful in practice: bond classification, the scope of regulatory and core data, the deferral regime and data quality.